AI · The Block
Evernorth shareholders approve $1 billion XRP treasury agreement, clearing path to Nasdaq debut
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Armada Acquisition Corp. II shareholders have approved its business combination with Evernorth, clearing a key step for the XRP treasury company to go public on Nasdaq.
Key facts
- XRP (XRP) trades around $1.48 at publication time, giving it a market capitalization north of $93 billion
- Evernorth first filed the S-4 registration for the $1 billion SPAC deal back in March
- The transaction is expected to raise about $300 million in gross cash proceeds, while investors have contributed XRP in kind, leaving Evernorth expected to hold roughly 473 million XRP at closing
- Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR
Summary
Armada Acquisition Corp. The transaction is expected to raise about $300 million in gross cash proceeds, while investors have contributed XRP in kind, leaving Evernorth expected to hold roughly 473 million XRP at closing. Evernorth joins spot XRP ETFs as a regulated route to XRP exposure. "Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Evernorth CEO Asheesh Birla said in a release. Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.